A new analysis from the non-partisan Legislative Services Agency indicates the tax plan Senate Republicans may debate as soon as today (Wednesday) would cut Iowans’ taxes by 200 million dollars next year.

The state has a more than seven-point-two BILLION dollar budget this year. Five years from now, the new analysis indicates the state will be taking in more than a billion dollars less in tax revenue if the Senate G-O-P’s plan becomes law. Democrats say that would “break the state budget” and is “more fiscally irresponsible than first imagined.”

Republicans in the Senate use the word “bold” to describe their tax plan and say it will stimulate the state’s economy, although they promise to cut the budget as well. Republicans in the HOUSE are using Republican Governor Kim Reynolds’ tax proposal as their starting point. Reynolds has called for cutting income taxes for individuals now, but waiting ’til later to cut the state’s income tax on corporations. Her plan would reduce taxes by one-point-seven BILLION over six years. The Senate Republican plan would reduce taxes by more than four BILLION over the next five years.

(Radio Iowa)